When it comes to cheap corporate secretary in Singapore, many companies provide this service. But when you compare the costs, you might be a little surprised. Many small and medium-sized secretarial firms charge the same or more than a large international company providing similar services.
What does a Secretary Do?
For those who are not familiar – the role of a corporate secretary includes:
– Preparation and filing of documents such as incorporation forms and annual returns to the relevant authorities;
– Maintaining and filing of minutes (and other corporate records such as registers);
– Preparation and filing of notices for meetings;
– Solicitation letters, proxy forms, and other correspondence on behalf of the company;
– Arranging for share certificates to be drawn up if necessary;
– Maintaining a register of members, including their addresses.
There are additional services that secretaries may provide, depending on their work or the level at which they operate. These include: contacting shareholders regarding dividends, arranging audits, maintaining share registries, banking facilities/credit arrangements for companies, etc. However, many conglomerates will have in-house legal teams who will handle most of this work, and it will be the job of the company secretary to support them in this area.
What does a Company Secretary cost?
The fees charged for these services vary greatly depending on your industry, the volume and type of work you require, and what level of service you want (complete administrative management vs. providing only ancillary services). At one end of the scale, very small or newly formed companies may not need any secretarial assistance at all. At the other end of the spectrum, large listed international conglomerates with multiple entities worldwide will typically have large teams of secretaries who run many aspects of their day-to-day operations such as record keeping, filing, etc. Here in Singapore, we can consider SGD 2500 per annum as a good benchmark for the level of service and value received.
This may seem expensive, but it is essential to understand that this fee covers preparing and filing annual accounts/reports to ACRA and setting up all company records such as registers. The process can be very time-consuming and costly if you attempt to do this yourself – so in many cases, the Secretary’s fee will represent good value for money.
Typically companies will look for a cheap corporate secretary in Singapore with previous secretarial experience who has worked across various sectors and functions. They should also hold relevant professional qualifications such as CS(Singapore) or ACS as these demonstrate that one has the knowledge and skills to work as a company secretary. Suppose you are looking to use an external service provider. In that case, it is always advisable to request references from previous clients, ensuring that they are both satisfied with the quality of service provided and that your S$20,000 per annum fee is being used on more than just filing.
If you have several companies in Singapore listed under your company name, do not expect to receive invoices for each one separately. Instead, the accounting department will often bundle all of these together into a single invoice upon payment, of which you can claim back any expenses incurred through bulk-billing with the respective bodies (ACRA, etc.). This minimizes bureaucracy and helps save time!
